State RegulationsNY specificDifficulty 1/5
When a New York insurer discontinues offering all coverage of a particular type in the individual accident and health market, what notice is required?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §3216(g), when an insurer discontinues all coverage of a particular type, it must give ninety days' notice both to the Superintendent of Financial Services and to each covered person. The dual notice lets regulators monitor the discontinuance and gives consumers time to find replacement coverage before their policies end.
Why the other options are wrong
- B) One hundred eighty days applies to complete withdrawal from the entire individual market, and that notice is not limited to the Superintendent.
- C) Forty-five days belongs to conversion-extension windows, not discontinuance notice.
- D) There is no agent-notice requirement for discontinuing coverage.
Memory hook
Drop a coverage type: 90 days to DFS and every covered person.